Debit Card EMIs with Amazon

Amazon is one of the largest online shopping platforms in the world, and due to their sheer size, they have to continuously develop new and exciting ways to engage their customers and create a pleasant shopping experience for them. Amazon has now tied up with HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and SBI to bring its customers the Debit Card EMI facility.

The Debit Card EMI facility on Amazon allows customers to use their Debit Cards to make purchases through EMIs. Earlier, EMIs were only offered to customers with Credit Cards and not everyone is open to owning a Credit Card. The lack of an EMI facility for non-Credit Cardholders had greatly narrowed down their customer base and the company realized this.

To allow their Debit Card-carrying customers to make deferred payments on large purchases they introduced the Amazon Debit Card EMI facility. This facility allows a Debit Cardholder to make a purchase immediately and defer the payments over a period of time, thereby, not putting an excessive strain on the customer’s savings and allowing them to maintain a healthy level of liquidity.

When you use the Debit Card EMI facility on Amazon, it uses a pre-approved overdraft facility provided by your bank to make the payment, the bank will deduct this amount from your account in the form of EMIs.

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Interest on No-Cost EMI

No cost EMIs allow customers to purchase items online and make payments in Equated Monthly Installments (EMIs). ‘No-Cost EMIs’ requires no down-payment or processing fee to avail these and the total interest amount is discounted from the price of the product, so the amount you are repaying to the bank, including interest, is equal to the actual price of the product.

Eligibility for Debit Card EMI

Amazon presently only offers Debit Card EMIs for HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and SBI, if you are not a Debit Cardholder from one of these banks you will not be eligible for Debit Card EMIs. There is a minimum order value stipulated for different cards.

HDFC Bank – Rs. 5,000

Axis Bank – Rs. 5,000

ICICI Bank – Rs. 8,000

Kotak Mahindra Bank – Rs. 8,000

SBI – Rs. 8,000

Repayment Options

There are two repayment options for Debit Card EMIs

Auto-repayment

This repayment facility can be set up by linking your Debit Card to Amazon, you will need to perform a verification transaction of up to Rs. 5 towards Amazon, which will be refunded in 5 – 7 business days.

Manual Repayment

You can manually repay your entire outstanding amount or the installment amount using your Debit Card, UPI Account or internet banking. This option can be accessed from the Amazon Pay EMI Dashboard.

Note: Rupay cards are not eligible for the auto-repayment facility.

EMI Foreclosure

For purchases made using the Debit Card EMI facility, if you would like to close the EMI before the stipulated time you will need to contact your bank. The bank may charge Foreclosure Fees according to its policy.

Canceling an Order

If you cancel or return an order you paid for using the Amazon Debit Card EMI facility Amazon will refund the entire purchase amount to you immediately and will cancel the EMI from their end. In case you have made EMI payments the amount will be refunded to your bank account and the remaining EMIs will be cancelled. There are no pre-closure or foreclosure fees charged by Amazon.